Barclays finally comments on Sir Mike Rake's departure: He'll be at the company until a new chief exec is in place

Catherine Neilan
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Sir Mike Rake: He's going to be pretty busy for the next few months (Source: Getty)
A good 24 hours after the world learned that Sir Mike Rake was leaving Barclays, the bank has finally issued a comment.
It seems the news caught the bank off guard – initially a spokesperson told City A.M. no resignation letter had been received and that as far as the business was concerned, he was still very much part of the team.
Today is a different story.
Still, Rake will stay on as deputy chairman and senior independent director “until such time as a new group chief executive is in post, John McFarlane has reverted to the role of non-executive chairman and a replacement senior independent director is in place”, Barclays said.
“This is to ensure that the highest standards of corporate governance are maintained,” the bank added. “Any conflict of interest which may arise in respect of his Chairmanship of Worldpay will be managed in the normal manner.”
Given that just hours before the news of his departure came out Rake had told City A.M. that Barclays was still at least a few months off, he could be in both jobs for some time.

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